Elcrest receives approval of a five year tax exemption on the OML 40 licence

Eland Oil & Gas says that Elcrest Exploration and Production Nigeria Ltd (Elcrest), Eland's joint venture company, has received approval of a five year tax exemption on the OML 40 licence.

On 13 March 2014, the Company announced that Elcrest was in discussions with relevant government departments in Nigeria regarding its tax status. These discussions have now been concluded successfully and Elcrest has received approval of the five year tax holiday on its OML 40 development. This five year period begins immediately through to Q2 2019.

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